EX-12 3 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

 

Wyeth

Computation of Ratio of Earnings to Fixed Charges

(in thousands except ratio amounts)

 

 

    Year Ended December 31,
    2005      2004      2003      2002      2001

Earnings (Loss):

                                          

Income (loss) from continuing operations before income taxes

   $ 4,780,589      $ (129,847 )    $ 2,361,612      $ 6,097,245      $ 2,868,747

Add:

                                          

Fixed charges

     461,431        360,805        346,564        430,449        439,058

Minority interests

     26,492        27,867        32,352        27,993        20,841

Amortization of capitalized interest

     21,356        9,350        8,772        8,866        2,497

Less:

                                          

Equity income (loss)

     (104 )      (524 )      (468 )      20,766        70,372

Capitalized interest

     46,450        86,750        115,800        88,008        94,257

Total earnings (loss) as defined

   $ 5,243,522      $ 181,949      $ 2,633,968      $ 6,455,779      $ 3,166,514

Fixed Charges:

                                          

Interest and amortization of debt expense

   $ 356,834      $ 221,598      $ 182,503      $ 294,160      $ 301,145

Capitalized interest

     46,450        86,750        115,800        88,008        94,257

Interest factor of rental expense (1)

     58,147        52,457        48,261        48,281        43,656

Total fixed charges as defined

   $ 461,431      $ 360,805      $ 346,564      $ 430,449      $ 439,058

Ratio of earnings to fixed charges

     11.4        0.5        7.6        15.0        7.2

 

(1)  A  1/3 factor was used to compute the portion of rental expenses deemed representative of the interest factor.